What we have been waiting for: FHA announces Re-Purchase Program 12 Months after SHORT SALE.
- Experienced and Economic Event… (Vague? Most homeowners have been hit with an unforeseen economic hardship)
- Must Be Fully Recovered… (You’ve been employed and making money for the last 12 months and your credit reflects your recovery)
- Complete HUD Housing Counseling… (Pretty simple…takes an hour or so and you receive a certificate)
- Reduction of 20% of your income Due To The Economic Event… (In our experience, this is representative of 90% of the homeowners that have short sold their homes)
These guidelines are pretty straight forward and by all means are at the lenders discretion. In our experience, if you go to one of the mainstream banks, Wells Fargo, BofA, JPM CHASE (in no particular order) …you are likely to be met with open arms for this program.
Here are the FHA guidelines:Back To Work__Extenuating Circumstances13-26ml